22 Jul 2013
Portugal's PM assures bailout program will run its course
FXstreet.com (Barcelona) - Portuguese Prime Minister Pedro Passos Coelho assured today that his government would continue carrying out the bailout program as agreed with the international lenders, in order to bring it to completion by mid-2014.
The Portuguese PM emphasized that the country was still in a difficult situation which could only be overcome by implementing further reforms. “We will rebuild the confidence without raising any doubts about the process we are carrying out, saying 'yes, we want to complete the assistance program on the agreed date',” Coelho said.
Furthermore, Portugal's PM announced that a cabinet reshuffle would take place shortly and that Paulo Portas, the head of the conservative CDS party, would become new deputy prime minister. He was also named co-coordinator of the talks with the EU, ECB and IMF officials.
Over the weekend Portuguese President Anibal Cavaco Silva discarded the possibility of holding early elections, and expressed his support for Pedro Passos Coelho's government. The Portuguese benchmark 10-year bond yield fell to 6.4% in the European morning from 6.9% on Friday, returning thus to the levels seen before the political crisis broke out on July 2.
The Portuguese PM emphasized that the country was still in a difficult situation which could only be overcome by implementing further reforms. “We will rebuild the confidence without raising any doubts about the process we are carrying out, saying 'yes, we want to complete the assistance program on the agreed date',” Coelho said.
Furthermore, Portugal's PM announced that a cabinet reshuffle would take place shortly and that Paulo Portas, the head of the conservative CDS party, would become new deputy prime minister. He was also named co-coordinator of the talks with the EU, ECB and IMF officials.
Over the weekend Portuguese President Anibal Cavaco Silva discarded the possibility of holding early elections, and expressed his support for Pedro Passos Coelho's government. The Portuguese benchmark 10-year bond yield fell to 6.4% in the European morning from 6.9% on Friday, returning thus to the levels seen before the political crisis broke out on July 2.
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